The introduction of the panel aligns with APCC's commitment to enhance the choice of specialist firms available for Section 166 reviews to regulated firms, having demonstrated their capability to perform Skilled Persons reviews. This strategic move will also complement the Financial Conduct Authority's (FCA) official Skilled Person panel, which is only updated every 4 years.
Background
The APCC's Additional Skilled Person Suppliers list is a significant milestone in providing regulated firms with a broader spectrum of options when mandated by the FCA to engage an external consulting or legal firm (Skilled Person) for Skilled Person reviews, as may be required under the Money Laundering Regulations and under Section 166, of the Financial Services and Markets Act 2000 (FSMA), which empowers the FCA to require a Regulated Firm to undergo an independent external review, with findings reported both to the firm and it's FCA supervisor.
Traditionally, the FCA's official panel has been the primary source for selecting Skilled Persons. However, the APCC recognised the need to address potential confusion in the industry. While the FCA's guidance is clear that firms can propose alternative options beyond the published panel, the lack of an additional suppliers list may pose challenges for identifying suitable firms, especially for those within the APCC's target membership market and as the FCA's official panel is only updated every 4 years, many new or emerging providers of regulatory services can miss out on the official panel appoint, yet like DWF, have a good background and pedigree as being selected to act as a Skilled Person, despite not featuring on the FCA's official panel. Firms have always had the option to select a non-FCA panel firm to act as their Skilled Person, but have not previously had a source of provider supported by another trusted source.
What does this mean for DWF?
Whilst DWF has acted in the capacity of a Skilled Person before multiple times, the appointment to the Association of Professional Compliance Consultants' (APCC) Additional Skilled Person Suppliers list gives the population of regulated firms an alternative list to source respected firms such as DWF with the necessary skills and experience of successfully delivering Skilled Persons reviews.
Partner and Head of Regulatory Consulting at DWF, Andrew Jacobs thanked the APCC for the appointment and stated "The APCC continues to be the leading voice for those firms providing advice in respect of FCA or PRA matters. They work tirelessly on behalf of the membership and to complement the FCA's operational objectives, to deliver better standards across the population of regulated firms, for the benefit of end consumers. This new panel promotes a greater choice of firms to act as Skilled Persons, which is also in the spirit of the FCA's objective of promoting competition across financial services and I feel the new panel will be of great benefit to all concerned."
This list will undergo thorough annual reviews, ensuring that APCC members maintain the highest standards in responding to Requirements Notices and conducting Skilled Person reviews. DWF is committed to contributing its extensive practical experience and subject matter expertise when conducting Skilled Person reviews.
